HomeMy WebLinkAbout0373 .
4
CONDOMINIUM RIDER ~
< l
IIS CONOOMINlUM R1DER IS I[18(I~ 1I11S. . . , . . . , i~ . / t ~ ~ 1 ~ ~ ~ ~ ~
y. . . . . . . . . . . .aay or. . . . . . . . . . . . . . . . . . .
19. ~~i. and is incorporated into and shall be deemed to amend and supptement a Mortgage. Dced of Trust or Deed
ta Securc Dcbt (hcrein "security instrumenC' datcAd,~ [~c~e,En~daRtI~c~w~h~,giv~ byRth~c~uTI~gned (herein
"Borrowrr") to secure Borrawer's Note to . . . (iA.. .tJU.
~ ~ ~ ~ ? 4 rc~R ,9,710 ~AlA~ JE~alsen Beach ~Florida ~33457c sccurity instrument and
located at. .0 . Q . . . i . . . . . . . . . . . . . . . . .
(P~opNty AdOnss)
The Pro rt comi s~~ ~un~'twU' t e h v~i~h~~~ p v~1d ed i ~tcrest in the common elements of. a condominium
project k~nown as pU~~~WA ,U(_.1~ UUVDOI~f~tkf. AVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(NuM of Condominium ProjKq
. . . . . . . . . . . . . . . . (herzin "Condominium Project").
CoNno~?tiN~uM CovEN~NTS. In addition to the covenants and agreements mad~ in the security instrument.
Borrowc;~ and Lender further covenant and agree as follows:
A. Asseuments. Borrower shall promptly pay. when due. all assessments impoud by the Owners Association
or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the
declaration, by-laws. code of regulations or other constituent document of the Condominium Project.
B. Hazard liuurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
coverage; ' and such other hazards as Lender may require. and in such ar~ounts and for such periods as Lender may
require. then: _
(i) Lender waives the provision in Uniform Covena~t 2 for the monthly payment to Lender of one-twelfth
of the premium installments for hazard insurance on the Property;
(ii) Borrower's obligation under Unifarm Covenant S to maintain hazard insurance rnverage on thc
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant S regarding application of hazard insurance proceeds shall be
superseded b~ any provisions o[ the declaration, by-laws. cale of regulations or other constituent document of the
~ Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions ancl
the provisions of Uniform Covenant 5. For any period of time during which such hazard insurance coverage is not
maintained. the immediately prcceding sentence shall be deemed to have no force or ePfect. Borrower shall givc
l.ender prompt notice of aoy lapse in such hazard insurance coverage. .
!n the event of a distribution of hazard insurance proceeds in lieu of rcstoration or repair followirtg a toss to
the Prop~rty. whether to the unit or to common elements. any such proceeds payable to Borrower arc hereby assigned
and shall be paid to [.ender for application to the sums secured by the security instrument, with the excess, if any,
paid to Borrower.
C. Lende~'s Prior Consent. Borrower sfiall not, except after notice to l.ender and with Lender s prior written
consent, partition or subdivide the Property or consent to:
'j (i) the abandonment or termination of the Condominium Project. except for abandonment or termination
j provided by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation
~ or cminent domaim.
I (ii) any material amendment to the declaration~ by-laws or code of regulations of the Owners Association,
~ or equivalent constituent document of the Condominium Prajcct, including, but not limited to, any amendment which
~ would change the percentage interests of the unit owners in the Condominium Project or~
(iii) the effectuation of any decision by the Owners Association to terminate professional management and .
assume self-management of the Condominium Project.
D. Remedies. If Borrower breaches Bonowe~s corenants snd agreements hereunder, including the corenant
to pay when due condominium assessments, then I.ende~ may inroke anr remedies provided under the security
instrument, including, but not limited to, those pmvlded under Uniform Corenant 7.
IN WITNESS WHEREOF, Borrowcr has executed this Condominium Rider.
~
CF{~ I1~•ES -eorrower
D1ARI0 CtV~PEL . -eorro,~e?
~ .
_ = 352302
~
LEO AMJ .".lCVROLD
I`IOGE ~OUMTY FLA•
CONDOMINIUM RIDER-1 to 4 Family-6/15-iNMA/FHLMC UNIfONM INSTRUMENT ~°J'TRAS
~~,~kK G~•-~WT COURT
~~coao vc~:~~EO....r..--- -
a R ~ O~c 1~ 1"1 ~o PN'76
~26~ P~E 37i